Castings & Forgings industry

27 companies · ₹68,294 cr · 10 with AI deep dives · Q1FY27 report

Volume growth holds YoY but freight and RM shocks compress Q1 margins, testing the six-quarter recovery

Turning upmargin troughed at 23.1% and has risen for 6 quarters to 23.4%, on positive revenue growth

Revenue YoY: +14.4%
EBITDA margin: 23.4%; -150bps YoY
Price, 1 year: +33.3%; 82% of names up
P/E vs own 5y: +34.2%; 35.8x now

Exhibit 1The quarter in numbers

constant panel of 9 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	2,601 cr	2,694 cr	-3.5%	2,274 cr	+14.4%	2,694 cr	-3.5%
EBITDA margin	23.4%	24.0%	-60bps	24.9%	-150bps	24.9%	-150bps

Revenue

Jun 26: 2,601 cr
Mar 26: 2,694 cr
QoQ: -3.5%
Jun 25: 2,274 cr
YoY: +14.4%
Peak: 2,694 cr
vs peak: -3.5%

EBITDA margin

Jun 26: 23.4%
Mar 26: 24.0%
QoQ: -60bps
Jun 25: 24.9%

Sept 26: 0 of 11 reported so far, so it is not in the trend above.

Breadth: 89% of 9 companies grew revenue year on year (was 67% a quarter earlier) and 44% expanded margin (was 33%).

Exhibit 2What it costs

28.11x - 69.09x across the panel today

The median name trades at 35.8x, +34.2% against this industry's own 5-year median of 26.7x, and -11.6% against its own peak of 40.5x.

Exhibit 3Structure

₹68,294 cr

AIA Engineering Ltd is 49% of this industry by market cap. The top 5 are 89.2% and the top 10 are 96.5%.

mid 2small 5micro 2011 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 35.82x, 5y ROCE above its median of 14.83%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

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Exhibit 5Coverage (25 of 27)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
AIA Engineering Ltd	₹33,432 cr	26.4x	19.4x	21.1%	28.4%	+12.4%	Unlock
Happy Forgings Ltd	₹16,636 cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

headwindGeopolitical shipping disruptions delaying export dispatches and inflating freight costs5 managements

Five managements flagged West Asia conflict and Red Sea rerouting as direct constraints on export revenue recognition and freight economics. AIA Engineering reported container…

AIAENG: “Freight is around $8,000 to $9,000 a container currently...The war has been extended…”

headwind5 managements tailwind5 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 2 companies

1-2

sort: mcap · composite · name

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Shayona Engineering Ltd	₹60 cr	14.9x	10.6x	14.8%	18.7%	-	Unlock